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Most small business owners are busy multitaskers who crave convenience and affordability and want solutions that will help boost their bottom line. These are certainly among the qualities many consider when selecting business banking products and services. As a locally owned financial institution, Putnam 1st Mercantile Bank in Cookeville, TN, has steep roots in the neighborhoods it serves. This includes having strong ties to the area's business sector. This local bank shares which offerings are must haves for entrepreneurs.

4 Banking Products & Services for Small Businesses

1. Business Credit Card

bankKeeping a keen eye on spending is an important task for small business owners. A credit card is an ideal solution to pay for business lunches, travel, inventory, and other items. Some bank cards even have pre-set spending limits so that management can have a better handle on account activity.

2. Business Checking Account

Another favorite offering among entrepreneurs is a comprehensive business checking account. One that offers debit and credit card processing, online banking, and electronic fund transfer capability is essential to accommodate both customers and vendors. Additional features, such as cash management tools and free bill payment service, are also ideal for ensuring invoice payments and tracking income flow.

3. Daily Sweep Services

Small businesses now have the option to arrange automatic "sweeps" or transfers of surplus funds from checking accounts into interest-bearing accounts. The bank transaction is typically set up to automatically happen at the close of business each day. One of the many benefits of sweep services is companies earn interest and the swept funds are there for the next day's financial transactions.

4. Money-Market Accounts

Just as some individuals strive to grow their savings, entrepreneurs also want a reserve of emergency funds. Money-market accounts fit the bill because they build on deposits with compounded interest. Banks will typically reward small businesses with those interest payments each month. Tiered interest rates might also be available for companies that meet size and other eligibility conditions.

Having a robust suite of banking products and services provides a steady and reliable financial lifeline for small businesses. Putnam 1st Mercantile Bank goes above and beyond to build and nurture relationships with entrepreneurs. Whether you're in the startup phase or poised to expand, the community bank wants to earn your loyalty. To learn more about the suite of available business banking services, visit their website. Should you have questions, please call (931) 528-6372 and a friendly representative will gladly assist.
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